Ethena sUSDe

Live . ethereum . 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497

What this vault advertises, against what it actually paid, measured from its own share price on chain over a 30 day window. Everything below is recomputed hourly and every figure on this page comes from the snapshot named at the bottom. Nothing here is typed by hand.

Advertised

4.22%

30 day average

Realized

4.80%

30 day window

Gap

advertised figure not read recently enough to compare

advertised figure last read on 2026-08-31 and now older than we will difference against a live reading, so no gap is stated.

What Ethena published.

"avg30dSusdeYield":{"lastUpdated":"26 Aug 26","value":4.22}

Figure we recorded

4.22%

Basis

30 day average (trailing-30d)

Label on their surface

30 day average sUSDe yield

Read on

2026-08-31

Age at the end of our window

27.9 days, limit 10

Source

https://app.ethena.fi/api/yields/protocol-and-staking-yield

Open the page we read it from. It is a first-party surface by rule. An aggregator figure is never recorded in this column, whatever it says.

This capture is older than we will difference against a live reading, so no gap is stated above. That is our own staleness, not theirs. Both numbers stay visible with their dates.

Other figures this protocol publishes

4.75% sUSDe staking yield (projected rate, read 2026-08-31)
10.62% sUSDe yield since inception (since inception, read 2026-08-31)

Recompute it yourself.

The realized figure is two calls and one exponent. Both calls are pinned to a block height, so they return the same values for you as they did for us, forever. Use any archive endpoint. We deliberately do not name one: a reproduction that runs on our RPC is not a reproduction.

The call

Chain

ethereum

Contract

0x9D39A5DE30e57443BfF2A8307A4256c8797A3497

Method

convertToAssets(uint256)

Argument

1000000000000000000 (one whole sUSDe share, 18 decimals)

eth_call data

0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000

Returns

USDe, 18 decimals

The argument is one whole share in the SHARE token's own decimals, which is not always eighteen. Kerne's own skUSD reports twenty four, so calling it with 1e18 returns a millionth of the right answer. Ask the vault for its decimals rather than assuming, exactly as our collector does.

At the start of the window

Block

25856769 (0x18a8b01)

Timestamp

1787956619 (2026-08-28 22:36 UTC)

Share price returned

1.245431440996872029

At the end of the window

Block

26071808 (0x18dd300)

Timestamp

1790548619 (2026-09-27 22:36 UTC)

Share price returned

1.250235814809922309

Start of window, cast

RPC_URL=... cast call 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497 "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 25856769 --rpc-url "$RPC_URL"

End of window, cast

RPC_URL=... cast call 0x9D39A5DE30e57443BfF2A8307A4256c8797A3497 "convertToAssets(uint256)(uint256)" 1000000000000000000 --block 26071808 --rpc-url "$RPC_URL"

Start of window, raw JSON-RPC

{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0x9D39A5DE30e57443BfF2A8307A4256c8797A3497","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x18a8b01"]}

End of window, raw JSON-RPC

{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0x9D39A5DE30e57443BfF2A8307A4256c8797A3497","data":"0x07a2d13a0000000000000000000000000000000000000000000000000de0b6b3a7640000"},"0x18dd300"]}

Both calls return an integer in the smallest unit of USDe. Divide by 10 ** 18 to get the share price printed above. Set RPC_URL to any archive endpoint you trust.

The arithmetic

growth = 1.250235814809922309 / 1.245431440996872029

elapsed = 1790548619 - 1787956619 = 2592000 seconds

annualized = (growth ^ (31536000 / 2592000) - 1) * 100

= 4.7958% (0.38576% over the window)

Simple compounding at the observed rate, on a 365 day year. No fee assumption, no reinvestment assumption, no smoothing. If your arithmetic lands somewhere else, that disagreement is the finding and we want it: liam@kerne.fi.

Ethena's right of reply.

Ethena did not ask to be measured and has not sent a reply. This slot is open, free, permanent and published unedited, including a reply arguing that our method is wrong. Nothing is charged for it and nothing is offered in exchange.

The terms, and the form, are at the Right of Reply. If the disagreement is about arithmetic rather than framing, the faster door is the checker: send the two block heights and the two share prices you read, and the figure is corrected in public.

Context for this row.

Live and accruing. Share price last moved minutes before this reading. Ethena publishes a current yield and a 30 day average that both track what we compute on chain. It also publishes a since inception average above 10 percent, more than twice the current rate; that figure is correctly labelled on their surface and is shown here with its label intact.

This page measures one axis and one only: advertised yield against realized yield. It is not a rating, not an audit, and it says nothing about whether Ethena is safe or whether its reserves are what it says they are. A protocol in an announced wind down paying nothing is behaving correctly. The reserve axis is a different page, at the reserve transparency scorecard.

Take this row with you.

This page

https://kerne.fi/honesty-index/ethena-susde

Citation

Kerne Honesty Index, 2026-09-27: Ethena (sUSDe) advertised 4.22%, realized 4.80% from on-chain share-price growth, gap advertised figure not read recently enough to compare (advertised figure last read on 2026-08-31 and now older than we will difference against a live reading, so no gap is stated). Source: https://kerne.fi/honesty-index#row-ethena-susde

Badge, markdown

[![Kerne Honesty Index](https://kerne.fi/honesty-badge.svg?row=ethena-susde)](https://kerne.fi/honesty-index#row-ethena-susde)

Badge, HTML

<a href="https://kerne.fi/honesty-index#row-ethena-susde"><img src="https://kerne.fi/honesty-badge.svg?row=ethena-susde" width="360" height="112" loading="lazy" alt="Kerne Honesty Index: advertised versus realized yield"></a>

Row in the API

https://kerne.fi/api/honesty-index/row/ethena-susde

Where these numbers came from.

Snapshot generated

2026-09-27 22:37 UTC

Snapshot source

live store

Signature

verified, signer 0x84949170e0ad0f9bd8686a4aa4922c10f5fdc4ea

Row key

ethena-susde

The signature is checked on every render rather than assumed from the presence of a field. A snapshot that does not verify is served with that said plainly instead of borrowing the word.

The whole board This row on the board Reproduce every row Methodology Corrections The raw signed JSON

Board last read 2026-09-27. Every figure on this page is regenerated from https://kerne.fi/honesty-index and none of them is stored in this file.